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#SaxoStrats - Buying short-dated EURJPY put

Ahead of a Bank of Japan meeting expected to reveal more about BOJ QE forward thinking and an upgrade of GDP, Saxo Bank's Head of FX Strategy John Hardy oulines his trade in EURJPY.


For background John has three key points to make: 
   
"Other recent BoJ comments suggest a relaxation of the timeline for reaching the 2% inflation target and no plans for fresh stimulus.
Recent European Central Bank rhetoric points to front-loading the rate of QE purchases.
Technically, we saw a bearish reversal of the attempt toward the 200-day moving average. Now looking for follow through lower toward Ichimoku cloud. "


Buying EURJPY put option
Strike price 133.75
Expiry May 29
Premium 54 pips
(Spot reference) 134.75
Target (spot) <132.00

01:41 minutes
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